Methods and systems for the auto reconsideration of credit card applications
First Claim
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1. A method for considering a credit card application, the method comprising:
- receiving the application from an applicant;
compiling credit information related to the applicant;
evaluating the application based at least upon the credit information to determine whether to approve or reject the application; and
reconsidering a rejected application during a reconsideration period wherein the reconsidering further comprises requesting updated credit information and determining whether to approve or reject the application based at least upon the updated credit information.
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Abstract
This invention relates to methods and systems for determining a credit card applicant'"'"'s creditworthiness wherein the applicant is allowed a period following the initial review and rejection of his or her credit card application in which the applicant may cure the credit deficiencies and receive automatic reconsideration of his or her improved application. In the event that upon reconsideration the application is deemed approvable, the process will automatically approve the application and provide notice to the applicant accordingly.
136 Citations
37 Claims
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1. A method for considering a credit card application, the method comprising:
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receiving the application from an applicant;
compiling credit information related to the applicant;
evaluating the application based at least upon the credit information to determine whether to approve or reject the application; and
reconsidering a rejected application during a reconsideration period wherein the reconsidering further comprises requesting updated credit information and determining whether to approve or reject the application based at least upon the updated credit information. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computer-implemented method of considering credit card applications, the method comprising:
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receiving the application from an applicant;
compiling credit information related to the applicant;
evaluating the application based at least upon the credit information to determine whether to approve or reject the application; and
reconsidering the rejected application during a reconsideration period wherein the reconsidering comprises receiving updated credit information and determining whether to approve or reject the application based at least upon the updated credit information. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A system for considering credit card applications comprising:
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an application processor for receiving a new application from an applicant and compiling credit information related to the applicant;
an application evaluator communicatively connected to the application processor for reviewing the credit information and making a decision to either decline or approve the application; and
a reconsideration database communicatively connected to the application evaluator and application processor for receiving a declined application from the application evaluator, storing the declined application, and providing the declined application to the application processor upon request. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36)
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37. A computer-implemented method of considering credit card applications, the method comprising:
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receiving the application from an applicant;
storing information pertaining to the application in a computer-readable memory;
compiling credit information related to the applicant, wherein the compiling is performed by a computer;
storing the credit information in a computer-readable memory;
evaluating the application based at least upon the credit information to determine whether to approve or reject the application;
reconsidering the rejected application during a reconsideration period which is at least one month, wherein the reconsidering comprises receiving updated credit information and determining whether to approve or reject the application based at least upon the updated credit information; and
notifying the applicant of the reconsidering step.
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Specification